Avoid Taxman Rain On Your Short-Term Letting Income
Income from Short-Term Property Letting
Declare your income from short-term property letting to HMRC before their One to Many (OTM) Letter Campaign catch you.
Where to start? Our experts will guide you.
What our clients say about us
Spearheaded by the UK's polished professional bodies, ACCA and CIOT, we vouch that we render the best service from our qualified and regulated accountants and tax advisers.
Why Care about Short Term Property Letting!
HMRC's Short Term Property Letting Campaign Highlights
The objective of this campaign is to detect individuals who might have earned income from short-term property rentals but did not disclose it in their tax filings.
Landlords receive personalised letters prompting them to evaluate their tax records and report short-term rental income.
This effort is a component of HMRC's broader campaign to close the tax gap and address non-compliance issues.
Landlords can voluntarily disclose their income and receive lower penalties through this one to many campaign.
Why Choose Us
We are specialist accountants and tax advisers for your property business! The service delivered by our qualified and experienced team is tailored as per your needs. Our accomplished tech-embedded service with exceptional property tax insight makes us stand out from the rest.
Certificate of Tax Position
We can assist with filing the 'Certificate of Tax Position', which must be submitted within 30 days of receiving the One to Many Letter from HMRC.
Digital Disclosure Service(DDS)
We can assist you with DDS, ensuring that you comply with HMRC's regulations and requirements for disclosing your income and assets.
Our experienced professionals will be at your Service Immediately, providing you with the necessary assistance with your short-term property letting matters.
Avail the opportunity of our complimentary 15-minute tax consultation with our property tax experts, available to you for the first time.
Our team of tax professionals are experienced in DDS and can provide personalized service in handing your short-term property letting matters.
Our competitive pricing ensures that you receive excellent value for your money, without compromising on the quality of our services.
How We Work
An OTM letter can be a serious matter, with potentially severe consequences for non-compliance. Our team understands the complexity of these situations and can provide you with the guidance and support you need to resolve the matter as quickly and smoothly as possible.
Tax Position Assessment
We review your tax status to determine whether there are any outstanding tax liabilities related to your income from short-term property letting.
Certificate of Tax Position
As per your tax status, we will complete the 'Certificate of Tax Position' form provided by HMRC. It's important to note that this should be done within 30 days of receiving the OTM letter from HMRC.
We will inform HMRC of your intention to disclose your income from short-term property letting through Digital Disclosure Service.
Tax Liabilities Calculation
We will compute the amount of tax owed for any unreported income from short-term property lettings, considering your allowable expenses and allowances.
After calculating the tax due, we'll submit a formal offer to HMRC by filling out the disclosure form and providing details of any previously unreported income from short-term property lettings.
Upon receiving acknowledgement from HMRC, we'll guide you on settling your tax liabilities and assist in requesting an extension to the payment deadline if necessary.
See How We Helped!
You're in good company
Martha, a landlord with two short-term rentals, received an OTM letter from HMRC for £55,000 in unreported rental income in 2021/22.
We helped her complete a "Certificate of Tax Position" and suggested using the Rent a Room Relief scheme to earn £7,500 tax-free. This reduced her taxable rental income to £47,500, lowering her tax bill to £6,986, saving £2,446 from the previous £9,432.
£7,500 Tax Free Income!
Shawn, a self-employed consultant, earned £8,000 from renting out his home on Airbnb while away on business trips during the tax year.
We advised him on his tax obligations and explained to him how he might take advantage of the Rent a Room Relief scheme. With this scheme, he could earn up to £7,500 without having to pay any taxes on it, and he would only have to pay taxes on the remaining £500.
Jessica earns £60,000 from her three Airbnb rentals as a full-time host. She worried about minimising her tax liability and following all tax laws. We helped Jessica claim all deductions and costs.
We were able to reduce her taxable rental income to £50,000. Based on this figure, she owed £7,486 in taxes, which we helped her to pay in a timely manner. This allowed her to save £3,946.
Here is our awesome team
At UKPA, it is done by a team of people evolved from different walks of life. Trained and experienced in property and real estate tax, accounting and compliance matters, most of them are qualified as Chartered Accountants, Chartered Tax Advisers or Chartered Financial Analyst.
Lisha acquires a professional degree in Associate of certified chartered accountant degree. Lisha has a significant years of experience in auditing, accounting.
Merisha holds an Association of Chartered Certified Accountant (ACCA) degree with over 5 years of experience in auditing, accounting and compliance fields.
Prasun is a Chartered Accountancy student with strong analytical and problem-solving skills, experienced in dealing with UK clients.
Alisha has recently completed her ACCA degree. Besides, she is pursuing academic bachelor’s degree in Business Studies and is on her final year.
Read Our Short-Term Letting Articles
Do you have anything in your mind to tell us? Please don't hesitate to get in touch to us via our contact form.